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The following information was extracted from the books of ABC Co. Ltd. The company did not have any stocks at the beginning of the month.

The following information was extracted from the books of ABC Co. Ltd. The company did not have any stocks at the beginning of the month.

Date

Quantity

Cost per unit Sh.

March

Receipts

Issues

1

200

24

1

190

2

300

25

5

280

26

6

210

9

320

12

600

27

14

400

15

1,000

28

16

500

20

400

23

800

28

27

360

28

500

30

30

700

Required: Calculate the value of the closing stock on 30th March 2021 using the following methods;

  1. LIFO
  2. FIFO
  3. Simple average
  4. Weighted average

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